OMAHA- A small change to the state's constitution will allow for real estate developers to have 20 years to pay back tax-increment financing (TIF) loans in neighborhoods with high unemployment and high poverty. Now, developers have 15 years to do this. This means people will not have to borrow as much money for a project. This will mostly be used in some neighborhoods in North and South Omaha but will also apply in many other cities.

Senator Justin Wayne pushed for this initiative, Amendment 2, to be put on the ballot. He acknowledges that some uses of TIF are questionable, but it does more good than harm.

"The funding mechanism allows developers to use a portion of a project’s future increased property taxes to pay for certain upfront costs, such as site preparation and street and sewer improvements."

The Omaha City Council boosted this when they voted to approve 'extremely blighted areas' through $5,000 tax credit programs for those who buy other homes in the areas of their primary residence.

This measure now just needs to pass in the legislature with official language.

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